SMRT Corporation

SMRT Corporation
Industry Transport, Engineering, Financial
Founded 7 November 1987
Headquarters Singapore
Key people
 Seah Moon Ming (Chairman)
Neo Kian Hong (President & CEO)
Services Bus, rail & taxis services
Revenue Increase $1.297 billion (2016)
Increase $139 million (2016)
Increase $109 million (2016)
Owner Temasek Holdings
Number of employees
 9.500 (March 2016)
Subsidiaries SMRT Buses
SMRT Light Rail
SMRT Taxis
SMRT Trains
Website www.smrt.com.sg

SMRT Corporation is a multi modal transport operator in Singapore. A subsidiary of the Government of Singapore's Temasek Holdings, it was established in 1987 and listed on the Singapore Exchange from July 2000 until October 2016.

It operates bus, rail, taxi and other public and private transport services. In is involved in leasing advertising and commercial spaces within the transport network it operates, as well as in engaging operations and maintenance services, project management and engineering consultancy in Singapore and overseas.

History

SMRT Trains C751B train in June 2006
SMRT Buses Alexander Dennis Enviro500 in July 2014

The history of SMRT Corporation dates back to the establishment of the Mass Rapid Transit Corporation in August 1987.

Mass Rapid Transit Corporation

On 7 November 1987, the Mass Rapid Transit Corporation (MRTC) commenced operating services on Singapore's first Mass Rapid Transit (MRT) section, consisting of five stations from Yio Chu Kang to Toa Payoh. [1] On 1 September 1995, MRTC, along with Roads & Transportation Division of the Public Works Department and Land Transportation Division of the Ministry of Communications, merged to form the Land Transport Authority.[2][3] The operations of the MRT system were regrouped under SMRT Limited, as a private state-owned company owned by the government's investment arm Temasek Holdings.[4]

Privatisation

In 1998, ownership of the rail assets encompassing the operation of the MRT system network were transferred to SMRT Limited. The process was executed under a License and Operating Agreement, which stated the maintenance obligation of SMRT Limited covering the infrastructures and assets of the transit system. On 26 July 2000, SMRT Limited was listed on the Singapore Exchange as SMRT Corporation, with Temasek Holdings selling 33% of its shares.[5][6][7]

In July 2001, SMRT launched a takeover bid for Trans-Island Bus Services (TIBS) that was accepted.[8][9] The transaction was completed in December 2001, with TIBS being operated as a wholly owned subsidiary.[10][11] As part of a corporate rebranding programme, TIBS was rebranded as SMRT Buses in May 2004.

Nationalisation

In September 2016, Temasek Holdings completed a successful takeover bid for the 46% of SMRT that it did not own which resulted in SMRT being delisted from the Singapore Exchange and returning to government control.[12] All its train operating assets were sold to the government under the Land Transport Authority's new Rail Financing Framework.[13]

Being asset light will allow SMRT to focus on the operational reliability of the public transport system and its business ventures overseas.[14]

The buy-out was approved by the High Court of Singapore and the last day of trading of SMRT shares was 18 October 2016.[15]

Operations

SMRT's primary business is providing public-transport services in Singapore, with operations in the following (as of 2015):

From 1 October 2016, the Land Transport Authority assumed all the current assets from SMRT under a new rail financing framework that allows the company to focus on its operational reliability.

References

  1. ↑ Rav, Dhaliwal (12 December 1987). "Shopping for Xmas the MRT way..." Straits Times. Retrieved 19 September 2017 – via eResources.
  2. ↑ In Brief Railway Gazette International October 1995 page 611
  3. ↑ Information Kit SMRT Corporation
  4. ↑ Fwa Tien Fang (2016). 50 Years Of Transportation In Singapore: Achievements And Challenges - World Scientific Series On Singapore's 50 Years Of Nation-building. Singapore: World Scientific. pp. 112–117. ISBN 9789814651615.
  5. ↑ Finance Railway Gazette International August 2000
  6. ↑ Singapore metro goes public Railway Gazette International September 2000
  7. ↑ Independent, The. "SMRT to be delisted from SGX after 16 years | The Independent". theindependent.sg. Retrieved 2018-07-29.
  8. ↑ "Who gains in MRT-bus merger" The Straits Times 11 July 2001
  9. ↑ "SMRT Looks to Expand Rail with Takeover Bid for TIBS" Wall Street Journal 30 July 2001
  10. ↑ "TIBS shares to be Delisted Today" The Straits Times 12 December 2001 page 10
  11. ↑ Annual report for year ended 30 December 2001 SMRT Corporation
  12. ↑ Majority of SMRt shareholders vote in favour of rail asset sale, Temasek buyout Channel NewsAsia 29 September 2016
  13. ↑ "Shareholders approve Temasek buyout of Singapore rail operator". Reuters. 30 September 2016.
  14. ↑ "Shareholders say yes to SMRT privatisation". Asiaone. 30 September 2016.
  15. ↑ "High Court approves Temasek's buyout of SMRT". Channel NewsAsia. 17 October 2016. Retrieved 19 December 2016.
  16. ↑ "SMRT Bus Fleet". SMRT Corporation. Retrieved 28 April 2015.
  17. ↑ "Statistics (Operations)". SMRT Corporation. Retrieved 28 April 2015.
  18. ↑ "Statistics (Operations)". SMRT Corporation. Retrieved 28 April 2015.
  19. ↑ "SMRT Taxi Fleet". SMRT Corporation. Retrieved 28 April 2015.

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